05 October 2012

I've just recently discovered the brilliance if Eric Thomas -- his life story is inspiring, moving and the stuff you build a solid future of success with. Check out his home page or follow him on Twitter: @EricThomasbtc.

I hope that this weekend leaves you chilled to perfection, and to the awesome @DunnMorr, happy birthday!

03 October 2012

Ann
Druce started KZN-based Octarine Communincations in April 2001 after the mid-size
advertising agency where she was working underwent restructuring. She seized
the opportunity to go on her own, and set up a home office with friends’
castoff furniture, a computer and a phone.

Have you always been entrepreneurial?

I
started out in corporate marketing but, happily, working in organisations that
encouraged entrepreneurial thinking.

What were you doing before starting your
business?

I
had begun the process of cutting the apron-strings by moving from corporate to
a mid-sized advertising agency. Then when things were tough and the agency
restructured, it provided the impetus I needed to go on my own.

What kind of planning went into starting
the venture?

I
don’t think an elaborate document is essential, but a plan certainly is. However,
before I’d even started thinking about writing a business strategy, my start-up
plan was instigated by a client when I mentioned I might start an ad agency.He committed to giving me his business if I
started on my own, giving me the freedom to make the decision based on what I
wanted to do, rather than a fear that it might be a while before I established
a client base.

What was your big dream for this venture?

The
good old-fashioned ideal of being a true business partner to my clients –
learning their business and making a real strategic contribution: translating their marketing strategy into clear,
relevant messages that reach their target markets.

How does a new entrepreneur find business
leads and profit from them?

Not
every entrepreneur is a born salesman. But we have to use what we have at our
disposal – from working our existing networks and developing new ones, to the
dreaded cold-calling. I recommend that new entrepreneurs join business groups,
scan the employment section in the Sunday papers and see when new decision
makers are being appointed, and call them up. And that they ask clients for referrals
after every single sale, be it a product or a service.

How does a new entrepreneur figure out what
makes them unique and leverage that difference?

Sometimes
what makes you unique isn’t unique at all. All margarine is cholesterol-free,
but Flora made this their point of difference, while others were talking about
taste. So decide what your niche is and make your unique claim. Evaluating your
target market and what they might need is a good place to start. What are their
key stressors? Can you address that? What are the frustrations that people
think they have to live with? Can you change that? Is it your hours of service?
Is it a standard call-out fee? Is it a guarantee that is credible?

How does a new entrepreneur figure out what
to charge for their service/product?

Pricing
should reflect your value. Don’t assume that being the cheapest will get you
more business – you might just look suspiciously cheap. Establish what your
costs are and evaluate your competitors’ pricing, and take a view on what your
market can stand. Then decide where you want to position your offering relative
to these factors. You may want to be viewed as a luxury item, or you may want to
be seen as accessible to all. You may need volumes for production economies of
scale or you may prefer to limit volumes and earn a greater profit per item.

What was your most epic fail in the early
days?

I
was away and relied on a colleague to proofread an ad before it went to print. There
was a typo in the headline. Bad enough for any client, but particularly so when
the client is a university and it looks like they can’t spell! I discovered it
too late to stop it going to print and there was nothing I could do. I phoned
the client and told them before they found out elsewhere. Abject apologies and
loads of humble-pie – and a relationship of trust and respect – got me past
this.

What are the two biggest/most common
mistakes that new entrepreneurs make?

Spending
money they don’t yet have and focusing on an image of success instead of the
work they produce.

How do you keep yourself motivated?

Get
dressed and go to work. If you aren’t busy producing work for paying clients,
you should be developing your marketing.

Do you have a mentor?

I
never really had a mentor, but the single best piece of advice I was given
was:When you don’t know where to start,
just start. It’s funny how that questions that you need to ask and the research
you need do become evident as you begin to structure your project.

How long does it take for a venture to get
off the ground, in your experience?

I’m
sure this varies by environment. In an area like advertising and graphic
design, you are asking a client to trust you with his company image and
reputation as well as his money, so it can take a lot longer to build a
business than if you are selling low-price, low risk products, where if your
product doesn’t live up to expectations they simply don’t have to
re-order.You need to build a suitable time-frame
into your plan.

What’s your life motto?

Life
is too short to do a job you don’t love.

If you could give yourself any advice back
then, what are your top 5 wisdoms?

*
Apologise when you mess up. And you will! Don’t make excuses.

*
Don’t work with clients you don’t respect.

*
Don’t work with clients who don’t respect you.

*
Know where the money is.

*
Don’t be embarrassed to chase clients who owe you money – they’re the ones who
should be embarrassed.